Economic Partnership with Saudi Arabia Will Help U.S. Expand Trade, Blank Tells Saudi Business Forum

On Tuesday, Acting Deputy Secretary of Commerce Rebecca
Blank addressed the growing economic importance of Saudi
Arabia at the U.S.-Saudi Business Opportunities Forum. In
her remarks, Blank stressed the value of a U.S.-Saudi commercial relationship
that benefits both Americans and Saudis.

Blank praised King Abdullah for the steps he has taken to
encourage economic partnership with the U.S.,
citing greater public participation within the political system and the
appointment of the first woman to lead Saudi
Arabia’s education system. These political and social
advancements have led to Saudi Arabia’s jump to 12th in the World
Bank’s Ease of Doing Business Survey, up from a rank of 64th only a
few years ago. Saudi Arabia
is committed to expanding and diversifying its economy beyond oil and into new
knowledge-based industries, a commitment evidenced by over $750 billion of
infrastructure investment to take place over the next five years.

In her speech, Blank reminded us that this progression
within Saudi Arabia helps
the U.S. expand trade and
economic cooperation across our borders. As our 22nd largest market
worldwide, Saudi Arabia’s
rapidly expanding population and industrial base will continue to provide
investment and employment opportunities for American citizens. Last year alone,
Saudi Arabia supported more
than 1,000 American companies, including some 500 small- and medium-sized
businesses. Blank insisted that partnering with Saudi
Arabia will be conducive to meeting President Obama’s
National Export Initiative goal of doubling exports by the end of 2014.

Commercial ties with Saudi
Arabia are not limited to oil. On the contrary, Blank
announced that the Department of Commerce has begun planning a U.S. Clean
Energy and Energy Efficiency business development trade mission to Riyadh and Dhahran in April 2012, marking the
Commerce Department’s third business development mission to Saudi Arabia in less than two years. Blank
stated that U.S. companies
that focus on clean energy and energy efficiency are well-prepared to
contribute to Saudi Arabia’s
ambitious plans to reduce reliance on hydrocarbons for power generation and to
improve energy efficiency.

Blank concluded her speech by stating, “As Saudi Arabia
expands its efforts to create a growing and diversified economy, U.S. companies can help it succeed – to the
benefit of the people in both countries. The Department of Commerce stands
ready to help you in any way we can.”